PENSION BRIDGING

We can assist with bridging finance and bridging loans whilst you await the expected lump sum payout

Learn about the type of bridging loans we offer for pension and provident funds below

Pension Fund

If you are awaiting pension or provident fund payout following resignation, retrenchment, retirement or dismissal, or as part of a divorce settlement you can get an advance on the lump sum due to you if you need cash fast.

Policies / Investments

If you have a pension policy, provident fund, retirement annuity or investment, endowment policies  with a company such as Sanlam, Old Mutual etc., which is maturing within 4 months, a portion of the funds can be bridged.

Death claims

If you are awaiting payout from your late spouse’s pension / provident fund and you are in need of urgent cash, a portion of the lump sum due to you can be advanced.

Provident Fund

If you are due funds from a Provident fund after resigning, retrenchment, retirement or dismissal, we can assist with a Provident bridging loan.

Retirement Annuities

It is possible to secure a Retirement annuity bridging loan. 

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Bridging Amount available

10% of the total value due to you, up to a maximum of R32 000, can be advanced without security.

Costs

The bridging fees are approximately 0.16% per day plus admin fees.  Please confirm the fees with the lender when they process your application as they are subject to change without notice.

SUPPORTING DOCUMENTS

Pension/Provident Fund
  • Completed application forms (the documents will be sent to you on receipt of your enquiry)
  • Your ID
  • 2 month current bank statement
  • Last pay-slip
  • Pension / Provident Fund benefit statement
  • Letter from employer confirming and accepting severance package / medical disability (where applicable)
  • Letter of appointment with new company (where applicable)
  • Divorce settlement (where applicable – i.e. if you are wanting to bridge a pension payout which is part of a divorce settlement)

NOTE: Please ensure that all documents are legible.  If they are unclear or too faint, this causes delays in processing. In many instances bridging can be arranged in 5 working days but if the fund administrators do not process the application in good time, there can be delays in setting up the bridging facility. The lenders are very anxious to get the facility in position for you and will do what is necessary to make this happen. You can assist by urging the fund administrators to expedite the application, in order that the benefit can be paid as soon as possible after the date of bridging withdrawal, so as to reduce the total discounting fee payable to the bridging company.

Policies / Investments / Retirement Annuities
  • Completed application forms (the documents will be sent to you on receipt of your enquiry)
  • Your ID
  • 2 month current bank statement
  • Proof of policy/investment from the Insurance company
  • Proof of maturity date of policy/investment
Death Claims
  • Completed application forms (the documents will be sent to you on receipt of your enquiry)
  • Your ID
  • 2 month current bank statement
  • Beneficiary statement stating amount and distribution of monies
  • Death certificate
  • Divorce settlement where applicable
  • Benefit statement from the fund of the deceased
  • Latest pay slip of deceased if possible

Apply for a pension bridging loan

 

Cost Schedule

  • Minimum Term – 65 days
  • Maximum Term – 90 days
  • Minimum APR – 28 %
  • Maximum APR – 28 %

Example:

  • Loan advance                               R10,000
  • APR                                                 28%
  • Initiation fee                                 R1197
  • 90 day service fee                        R205.20
  • 90 day interest                             R783.79
  • Total repayment at 90 days        R12,185.99

THE BELOW FORM ONLY APPLIES TO PENSION BRIDGING LOANS. PLEASE ONLY SUBMIT THE FORM ONCE AND CHECK YOUR INBOX FOR A CONFIRMATION EMAIL.